World Bank hails FG’s economic growth strategy, others

The World Bank Group on Monday commended the strategy of the Federal Government in the implementation of the Economic Recovery and Growth Plan.

The global lending institution said this in a statement issued in Abuja.

The ERGP was launched last year to restore growth by diversifying the economy, stabilising the macroeconomic environment, investing in infrastructure and improving the country’s business environment, among others.

The main principles of the ERGP are to tackle the constraints to growth; leverage the power of the private sector; allow markets to function, while upholding the country’s core values; and promoting national cohesion and social inclusion.

The bank said in the statement that its executive directors, who visited Nigeria to meet with top officials of the government, were encouraged by the growth plan.

The statement said the delegation of 10 executive directors from the World Bank Group visited Nigeria to get a better understanding of the country’s development priorities with a special focus on the energy sector.

The executive directors held discussions with Vice-President Yemi Osinbajo; the Minister of Finance, Mrs. Kemi Adeosun; as well as governors of Adamawa, Bauchi, Borno, Gombe, Edo, Lagos, Taraba and Yobe states.

The statement quoted the delegation’s spokesperson, Patrizio Pagano, to have said, “Our visit to Nigeria is to help us get a better understanding of the country context, assess the World Bank’s interventions on the ground, and support opportunities that will keep the country on a path of sustained development.

“We commend Nigeria’s implementation of its new Economic Growth and Recovery Plan and the Power Sector Recovery Plan, both of which are important for regional integration to ensure trade and capital flows, which will ultimately lead to greater growth.”

It added that the executive directors also met with beneficiaries of the World Bank’s supported projects in agriculture, education, health, youth employment, community development, soil erosion and public financial management as well as representatives of the private sector, civil society organisations, diplomatic missions and development partners.

During the visit to Nigeria, the delegation visited the newly-inaugurated Azura-Edo Power Plant in Benin City, which is a key project in the government’s power sector reform agenda and is supported by the World Bank Group.

The executive directors, according to the statement, observe that Nigeria has continued to implement institutional policy reforms for restoring macroeconomic resilience and growth across sectors with support from the World Bank Group.

They reiterated the World Bank Group’s commitment to supporting Nigeria’s growth in a way that would be inclusive, job enhancing and reducing poverty and inequality.

The bank said critical to the inclusive growth objective was reforming the power sector, boosting critical investments in human development, and mobilsing finance for development by creating a conducive environment for private sector participation.
culled from punng.com